Offering Summary
Ashwood Apartments is in the revitalized Shaker Square community. Ashwood is a well maintained property with a great street presence. Located within walking distance to several restaurants, unique specialty stores, and a grocery store. Two light rail lines stop at the Square providing easy transportation to Downtown Cleveland.
ASSUMABLE FINANCING IN PLACE IF PURCHASED WITH ITS SISTER PROPERTY THE BALFOUR
The U-shaped building has newer windows and has received other significant improvements. Inside the suites are large and include hardwood floors, a nice dining area & spacious bedrooms. Tenants are responsible for gas and electric and the owner pays water and sewer.
The recent change of its management team has stabilized the property and has netted 4 new tenants since January. Ashwood Apartments provides investors a solid investment opportunity in a strong rental market.
Submarket Overview
Shaker Square is at the eastern end of the City of Cleveland, near the city's world-class cultural, educational and health care institutions, including Case Western Reserve University, the Cleveland Clinic and University Hospitals. Shaker Square is located where Cleveland meets Shaker Heights.
Submarket Demographics |
| Submarket Population: | 47,349 |
| Renter Occupied Housing: | 32.8% |
| Submarket Trend: |
 Stable
|
Property Facts |
| Location: | 2992 South Moreland, Cleveland, OH |
| Number of Units: | 20 |
| Offering Price: | $730,000 |
| |
| Net Operating Income: | $64,992 |
| Cap Rate: | 8.90 |
| Building Occupancy: | 90% |
| |
| |
| Unit Mix: |
| Units | Type |
Avg. Rent |
| 20 | 1 Bedroom | $550 |
|
